Marijuana exchange-traded fund takes in $22 million in August

Investors are flocking to a U.S.-listed exchange-traded fund (ETF) that tracks nearly 40 Canadian and American cannabis firms.

The $436 million ETFMG Alternative Harvest ETF – which trades on the NYSE Arca under the ticker symbol MJ – has taken in around $22 million in August, putting it in a position to post its largest monthly inflow since February, according to Bloomberg.

Earlier in August, Molson Coors Brewing Co. announced a joint venture to craft a nonalcoholic cannabis-infused beverage with Quebec-based The Hydropothecary Corp.

Meanwhile, United Kingdom-based liquor giant Diageo – maker of Guinness beer and Crown Royal Canadian whisky – is in talks with at least three Canadian cannabis firms, according to Bloomberg.

“We expect more alcoholic beverage companies to announce deals with Canadian (licensed producers) over the course of the year,” Vivien Azer, an analyst with Cowen & Co., wrote in a recent note to clients.